The Problem With Being “The Millionaire Next Door”

Bean, rice, and lattes. We have been taught that if we live on “beans and rice” and save $4 per day on lattes we will become millionaires. I have a few problems with that and do not believe these are helpful habits. Should you waste money? Certainly not! But let me ask you a question: Is your physical health a waste of money? Eating cheap is not healthy and is cause for malnutrition, high blood pressure and cholesterol, diabetes, cancer, and other gut diseases. Not to mention, food creates energy. Wealth requires the expending of energy and creativity. Why would it make sense to go after a main source of physical and emotional energy?

Mindset. When we try to expand by contracting we create mental behaviors. We are essentially grinding thought patterns deep into our brains. The problem? When we do become wealthy, it is very hard to get rid of these thoughts. I’ve met millionaires who still have trouble spending a few thousand dollars on their own personal development. Why? Because they believed that saving money on expenses was the way to wealth. So when they get to the point where they are wealthy, they continue to operate on that basis. Don’t create a mindset you don’t want to live with for the rest of your life. There are lots of psychological reasons why this is a bad idea, but let’s keep it simple: Living and thinking in scarcity and savings is not fun. Nobody enjoys worrying about how much something costs. Everyone enjoys splurging. Create the mindset that you will fund your expenses with income and expand your way to wealth.

The Plateau. Being the millionaire next door will quite literally make you the millionaire next door. What do I mean by that? Here is the thing….I coach hundreds of people every week on how to build wealth. I have met the millionaire next door and they are still afraid and going to run out of money in retirement. A million dollars is not enough anymore. I wish it was, but because of currency devaluation, $1 million does not buy what you need it to buy. Think about the title The Millionaire Next Door; I didn’t say you can’t be a millionaire by contracting. You most certainly can. But you will still live next door. Where is next door? The middle class. You will be a millionaire still struggling with bills, “being comfortable” until you aren’t, and hoping nothing bad happens because you know you will be screwed if it does. Don’t live “next door”. Live somewhere extraordinary that requires real wealth. Do not stop just because someone told you that millionaire is a status symbol.

Too many financial advisors, media pundits, and culture in general celebrate and idolize financial mediocrity. The fact is that money keeps going down in value. That means you must earn more and more every year. You must create habits and a lifestyle that flow with the expansion of your income. A miser cannot be wealthy. Wealthy is defined as being able to treat money like Oxygen. The Millionaire Next Door is always financially holding his breathe trying to see if he can save on oxygen. Don’t be that guy. Click here to stop being the Millionaire Next Door.

Own Your Potential,

Jerry Fetta

Jerry Fetta helps his clients make money, keep it, and multiply it.

He believes everyone should own their potential. He believes you were not created to spend 40+ hours per week serving the 40-year-to-life sentence trading your precious time for money just to live in mediocrity.

However, the truth is that time and money must be exchanged. It just doesn’t need to be you making the exchange.

Jerry helps his clients create wealth that exchanges time and money on their behalf.

His clients see a 30% increase in income, a guaranteed increase in savings rate, and 8-12% fixed annual returns on their assets in the 1st 90 days of working with him.

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